The city is spending $250K on a feasibility study on the possible expansion

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Mayor Michael Bloomberg says the city's considering extending the route of the No. 7 subway line into New Jersey, and the economics of the proposal "seem to make some sense.

Bloomberg said Wednesday that the subway line extension to Manhattan's far west side is on budget, and he believes the city could work with the state governments of New York and New Jersey and with the federal government to secure funding for the project.

The mayor's office says the city is spending $250,000 for an as-yet unfinished feasibility study about a possible expansion of the subway tunnel under the Hudson River and to Secaucus, N.J.

Bloomberg stressed that at this point the idea is just that — an idea — and it's unclear how the project could be financed.